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'Buffett Rule' wouldn't hit some super-rich

Oct. 13, 2011 at 4:13 PM   |   Comments

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NEW YORK, Oct. 13 (UPI) -- Billionaire investor Warren Buffett's proposal to tax U.S. millionaires would not affect about 25 percent of the super-rich, a congressional study indicates.

The Congressional Research Service found that 94,500 millionaires pay an effective federal tax rate lower than that paid by 10.4 million middle-income wage earners, CNN said. The so-called "Buffett Rule" resulted from the billionaire's suggestion many of the nation's ultra-rich are willing to pay more in taxes. He urged Congress to "stop coddling" the wealthy, saying many were willing to do more to help the country in a time of crisis.

Buffett , whose adjusted gross income exceeded $69 billion last year, said it isn't fair for him to pay a lower percentage of income in taxes than his secretary. However, the CRS study found a quarter of millionaires don't pay enough in federal taxes to meet the Buffett Rule.

Buffett said that's because the very rich make money with money -- investments -- which typically are taxed at lower rates than wages.

The study also noted "most small business owners of startup firms are not in the top income categories and would not be affected by tax policies that observe the Buffett Rule."

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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